Amazon is being highlighted as a post-earnings drift candidate following its latest quarterly report. Shares jumped more than 15% on July 31st on volume 150% above the 50-day average, and the subsequent tight consolidation is viewed as a hallmark of a post-earnings drift setup. Amazon Web Services revenue rose 37% year-over-year to $42.2 billion, beating Wall Street expectations of $40.54 billion and marking the fastest quarterly growth for the cloud unit in 18 quarters. CEO Andy Jassy disclosed that AWS has a backlog of nearly $500 million and that the company will be unable to meet soaring customer demand through 2028. Zacks Consensus Estimates project Amazon will grow its EPS by 82.15% in 2026, and the stock's PEG ratio of approximately 2x is described as the cheapest it has been in years.
